38 Grosvenor Gardens Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07080730 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

38 GROSVENOR GARDENS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Lodigiani

Ms G Paglia

M Rizzante

REGISTERED OFFICE:

16 Old Bailey

London

EC4M 7EG

REGISTERED NUMBER:

07080730 (England and Wales)

ACCOUNTANTS:

Nunn Hayward LLP

Chartered Accountants

Sterling House

20 Station Road

Gerrards Cross

Buckinghamshire

SL9 8EL

FIXED ASSETS

Tangible assets

3

2,829

10,541

Investment property

4

8,543,040

5,946,333

8,545,869

5,956,874

CURRENT ASSETS

Debtors

5

69,211

271,582

Investments

6

1,714,438

1,635,499

Cash at bank

265,922

2,501,868

2,049,571

4,408,949

CREDITORS

Amounts falling due within one year

7

6,515,336

6,559,014

NET CURRENT LIABILITIES

(4,465,765

)

(2,150,065

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,080,104

3,806,809

PROVISIONS FOR LIABILITIES

8

241,072

349,950

NET ASSETS

3,839,032

3,456,859

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

2,445,395

2,284,671

Retained earnings

1,393,636

1,172,187

SHAREHOLDERS' FUNDS

3,839,032

3,456,859

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 10 September 2018 and were signed on its behalf by:

Ms G Paglia - Director

1.	STATUTORY INFORMATION

38 Grosvenor Gardens Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rental income receivable on tenanted commercial property net of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% straight line from date asset in use

Investment property

Investment property is included at fair value. Gains/losses on revaluation are recognised in the income

statement within other operating gains/losses. Deferred taxation is provided for on these revaluation gains/losses

at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investments

Current asset investments are stated at fair value. The funds are professionally managed by an investment

management group and the fair value taken for the purpose of the accounts is provided by them. Deferred tax

has been provided, as required under FRS 102 1A, on the unrealised gains made on the current asset

investments.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2017

and 31 December 2017

59,061

DEPRECIATION

At 1 January 2017

48,520

Charge for year

7,712

At 31 December 2017

56,232

NET BOOK VALUE

At 31 December 2017

2,829

At 31 December 2016

10,541

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

5,946,333

Additions

2,596,707

At 31 December 2017

8,543,040

NET BOOK VALUE

At 31 December 2017

8,543,040

At 31 December 2016

5,946,333

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

69,211

271,582

6.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Other

1,714,438

1,635,499

The total investments above is invested in a professionally managed portfolio, as at the 31 December 2017 the

balance was made up of the following:

2017

2016

£

£

Cash & short term investments

46,845

54,009

Fixed income

993,231

724,792

Equity

498,297

405,356

Alternative investments

158,860

392,634

Capital markets

17,205

58,708

The investments are included at fair value. The historical cost of the investments as at 31 December 2017 is

£1,565,038 (2016: £1,389,958).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

4,243

1,418

Amounts owed to group undertakings

6,378,000

6,378,000

Taxation and social security

52,493

90,898

Other creditors

80,600

88,698

6,515,336

6,559,014

Included in 'Amounts owed to group undertakings' is a loan from the parent entity, Rizzante S.A.S. As at the date

of signing these accounts, a repayment date has not been set. Interest did not accrue in the year ended 31

December 2017 or 2016. This loan is payable on demand, although there is no expectation that it will be called

upon in the foreseeable future.

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

241,072

349,950

Deferred tax

£

Balance at 1 January 2017

349,950

Provided during year

(108,878

)

Balance at 31 December 2017

241,072

Deferred tax has been provided on the indexed gains for investment property and the un-indexed gains on the

current asset investments due to the investment portfolio's nature and timing.

9.	CAPITAL COMMITMENTS

2017

2016

£

£

Contracted but not provided for in the

financial statements

-

2,073,936

10.	SECURED DEBT

The company granted a charge in favour of Grosvenor Estate Belgravia on 22 December 2009 for the sum of

£23,600.